Hottest Cryptocurrency Is Up 330% This Year (And It’s Not Bitcoin)

The coming altcoin news show that there is one great performing cryptocurrency this year, and it is not Bitcoin. Despite BTC reaching a 13-month high today, the hottest cryptocurrency in terms of annual gains remains Litecoin (LTC) which is up by more than threefold.

Gaining 330% since the beginning of the year, Litecoin is outpacing all of its crypto peers including Ether and XRP – and the best known and largest cryptocurrency Bitcoin. Currently, LTC has a market cap of about $8.4 billion which makes it the seventh largest digital asset as data from Mosaic Research Ltd. shows.

The latest cryptocurrency news show that Litecoin is recording new surges, trading at $135.72 at press time. The rally can be attributed to Litecoin’s upcoming halving event (known as halvening) where the number of the coins awarded to the miners is slashed in half. The simple idea is that a cut in supply can drive the price up but also prevent an erosion of value. Right now, miners receive 25 new Litecoins per block but after the halving – they will receive 12.5.

The ‘halvening’ event for the hottest cryptocurrency is scheduled for August 6th. Typically, it happens roughly every four years and the run up that it has was associated with lots of rallies in the underlying tokens.

“Every time we’ve seen a halving event in Bitcoin or Litecoin, the price has risen astronomically,” is what Mati Greenspan believes, who is a senior market analyst at the trading platform eToro. “So if that pattern continues, what we’ve seen so far is small potatoes in comparison,” he said. “This is quite normal for the crypto market.”

Right now, cryptocurrencies are undergoing a major renaissance. While Litecoin is reported as the hottest cryptocurrency this year by many best cryptocurrency news sites, Bitcoin is also triggering a new rally and Facebook with its expected crypto project is additionally fueling up the space.

All of the developments happening this year have managed to push the price of Bitcoin by 120% since the beginning of the year – and the price of Ether close to 100% this year. Litecoin remains the hottest cryptocurrency – going from $30 at the end of last year to $130 right now.